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By Luís Domingos Morais of Marques Mendes & Associados, Lisbon

By Wojciech Zielinski and Agnieszka Rostek-Wawrzyniak of Salans Law Firm, Warsaw

By Dr Robert Furter and Dr Jürg Koeferli of Pestalozzi Lachenal Patry, Zurich

By Kitty Lieverse and Harold Tuinstra of Loyens & Loeff, Amsterdam

Market structure and trends By Dan Hanqvist of Vinge, Stockholm

As EU member states discussed the Prospectus Directive for the first time recently, deep divisions remained. Ecofin, the EU council of finance ministers, had preliminary discussions and set out a general strategy for reaching an agreement, but conceded that the permanent representations would have to compromise before an agreement could be thrashed out.

By Stephen Hoare

Robin Griffith and Michail Papadakis of Clifford Chance consider Europe's recent compromise on German state aid and its effect on the credit risk of special institutions

Payment-in-kind notes have been popular in the US for some time. Now bankers in Europe are keen to add these instruments to their deals. Clifford Atkins and Philippa Dodd of Shearman & Sterling show how

A key characteristic of supplementary capital contributions (prestações suplementares), which Portuguese law (articles 201º to 213º of the Company Code) forsees being used exclusively for Lda companies, but which subject to certain requirements may also be materially adopted in SA companies, is to enable shareholders to make supplementary capital contributions. This is provided the terms under which such contributions are made are stipulated in the company's by-laws and that supplementary equity capital is non-interest bearing. To demand from the shareholders all or part of the amount (necessarily foreseen in the by-laws) of the supplementary capital contributions, a resolution from the General Meeting is always required.